START YOUR MORNING BY LISTENING TO TODAY’S BIZNEWS BREAKFAST BRIEFING: Wall Street sells on rumour, buys on fact with Microsoft, Google; SA’s electricity sector watershed; IMF slashes world growth forecast
There’s a clear message from Mr Market’s reaction to last night’s quarterlies from Microsoft and Alphabet: always look past the headlines.
___STEADY_PAYWALL___During the session, both stocks were sold down in anticipation of missing Wall Street analyst expectations on earnings and revenues. That was confirmed when results were released after the market closed. But both stocks surged in the after-market, recouping the day’s losses and substantially more.
There’s a similar movie playing out in South Africa. Headlines scream out the bad news, but look beyond them and there’s much hope. For instance, Cyril’s new electricity deal is a game changer. Ditto a likely ANC disintegration after December and a very different government in 2024.
I’m interviewing former IRR chief Dr Frans Cronje later today. When we spoke a year ago, this perennial SA pessimist was excited about the phoenix rising from the ashes. Keep an eye out for his latest insights – up this afternoon on BizNews TV. I’ve a feeling we’ll be treated to some uplifting commentary.
More for you to read today:
- Microsoft Earnings Dented by Cloud Slowdown, Videogame Sales Drop. Software giant reports lowest earnings growth in two years.
- Google Sales Growth Slows as Pressures Mount on Ad Market. Online advertising remains in focus for investors as an industry critical to the health of many internet companies.
- General Motors’ Income Tumbles 40% on China Loss, Parts Shortages. Auto maker’s weaker results reflect challenges with supply-chain disruptions, including a shortage of semiconductors.
- Trump Says LIV Golf Has Been Worth ‘Billions of Dollars’ in Publicity for Saudi Arabia. In an interview with The Wall Street Journal before his Bedminster course hosts the Saudi-backed circuit, the former president said LIV Golf has been a ‘great thing’ for the kingdom’s image.
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